KUN to Offer High-Yield Bonds at 7.40% Interest, Subscription Opens August 20–21 and 24

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Summary · why it matters

Villa Kunalai Public Company Limited, or KUN, has filed a registration statement with the SEC to issue and offer high-yield, non-subordinated, secured bonds with a tenor of 2 years and 3 months, maturing in 2028. The bonds carry a coupon of 7.40% per annum, payable quarterly, and are offered to institutional and high-net-worth investors. The collateral consists of 50 vacant land plots in the Navara Rangsit Khlong 2 project, appraised at approximately 181.76 million baht; 16 vacant land plots in the Kunalai Courtyard village, appraised at approximately 12.77 million baht; and a two-storey clubhouse with swimming pool, appraised at approximately 32.19 million baht. All assets will be mortgaged as a first-priority lien after existing encumbrances are discharged, and the total collateral value will be no less than 1.50 times the bond issuance amount. Subscription opens on August 20–21 and 24, 2026, with six underwriters led by Bluebell Securities, which also acts as the bondholder representative. The credit rating is B+ from TRIS Rating as of February 3, 2026. Proceeds will be used to repay other debts, roll over debt instruments, and for short-term working capital.

Impact on assets 1

Real Estate▲ · 1 stocks

Off-coverage companies 2

Bluebell Securities Company LimitedPrivate▲ Positive
Capitalrelevance

Bluebell Securities is the lead underwriter and bondholder representative, earning fees from the bond issuance.

TRIS Rating Co., Ltd.Private± Mixed
relevance

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